Despite property values jumping by almost 13% for the year, South Australia remains one of the most affordable real estate markets in Australia.
Property prices in Adelaide
have risen sharply over the past 12 months as investors snapped up its cheap property offerings. Despite this growing investors’ interest, Adelaide is still a good place to find affordable, entry-level investment according to Real Estate Institute of SA (REISA) President, Mark Sanderson.
The median property price in Adelaide is $329,500, according to Residex, making Adelaide the second cheapest capital city in Australia, behind only Hobart at $325,000.
Sanderson says affordability across South Australia is well ahead of other states, with REISA statistics showing that home loans in SA gobble 33.2% of household income, compared to the national average of 36.2%.
“The housing market in South Australia is moving confidently at the moment – but any further rises in interest rates could start to squeeze out some buyers,” Sanderson says.
Luke Kouzapa, Managing Director of LKFS Loans and Finance, says investor interest in Adelaide is currently strong, with South Australia’s relative affordability luring investors from more expensive capital city markets such as Sydney and Melbourne.
“We’ve got a lot of money coming in from the eastern states at the moment, particularly investors looking to purchase property in South Australia, because we’ve got a lot of property on the market asking a lot less than you’d pay on the eastern seaboard,” Kouzapa says.
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